The Federal Housing Finance Agency recently made changes to the Home Affordable Refinance Program, commonly
called HARP. The changes made are extremely favorable to homeowners whose existing mortgage balance is higher than
the current value of the home.

Beneficial changes include:

Credit score requirements were eliminated

Maximum loan-to-value caps were eliminated

Today's HARP Rates Mar 3, 2015

Product

Rate

15 Yr Fixed HARP

3.125%

20 Yr Fixed HARP

3.875%

30 Yr Fixed HARP

3.875%

Refinancing your mortgage to a lower rate through the HARP program could provide great savings for you. Call
(513) 381-2677 or 385-4808 to speak with a COPFCU HARP Refinance Specialist today.

What are the Requirements to Qualify for a HARP Refinance Loan?
You must meet all of the following criteria to refinance under HARP.

Your mortgage must be owned or guaranteed by either Freddie Mac or Fannie Mae (see below for information on how to determine this)

Your current mortgage must have closed on or before May 21, 2009

You cannot have refinanced under HARP previously unless you have a Fannie Mae loan that was refinanced under HARP from March - May 2009

You must be current on your home loan

You cannot have made a late payment within the past 6 months

You cannot have made more than 1 late payment in the past 7 - 12 months

Your loan-to-value ratio must be greater than 80%

Your loan must fall under the current conforming loan limits (i.e., you have financed less than $417,000 or $625,500 in high cost areas defined by the FHFA)

The new HARP loan must provide at least one of the following benefits:

Reduce the size of the monthly payment

Change to a more stable loan product (i.e., move from an adjustable-rate mortgage to a fixed-rate mortgage)

Reduce the interest rate

Reduce the term

Benefits of a HARP refinance

No minimum credit score requirement

No loan-to-value maximum as long as your new mortgage is a fixed rate loan with a term of 15, 20 or 30 years

No private mortgage insurance (PMI) is required on the HARP loan if your current loan doesnít require PMI, regardless of the loan-to-value ratio

Eligible properties include second homes, investment properties and primary residences

Mortgage balances can be increased to cover closing costs in addition to other monies due at closing such as escrow reserves, accrued daily interest, and a maximum of $250 back at closing

How do I know if Fannie Mae or Freddie Mac has my mortgage?
Check both Fannie Mae and Freddie Macís websites or call their toll-free phone numbers for confirmation: